Posted on 05/18/2022 2:06:30 PM PDT by blam
Especially with rising interest rates.
— Ronald Reagan, 28 October 1980
I’m trying to do the opposite.
Pay the darn thing off.
The American people are fast approaching a come to Jesus meeting...
That’s perfect.
Ok seeing as the 40 billion going over to Ukraine (LOL) is in the works kick 20 of it to the CC companies and consider it another stimulus! As Hillary once said “at this point what difference does it make?” The God forsaken thieves in Washington and entrenched in the executive branch agencies are doing the devils work and the shine will fade. I have no room in my heart for those that subvert America for their own gain, do or say what you will there is no better place to live than our lower 48. Thank you lord God for your blessings and protection. Please God carry this nation as you had carried me for so many years until my surrender...Thank you Jesus.
About the same time food prices will really hit and who knows how high fuel prices will be by then.
I am surprised these economists are surprised. During runaway inflation, of course the consumer would used credit to accelerate purchases to avoid perceived higher prices down the line.
Of course patient people will wait for the price to inevitably plunge, then buy. Those who owe on assets which are now worth considerably less will complain and look for relief.
Just try to wrap your head around how much utter catastrophe started almost exactly on January 20, 2021. Frankly, I cannot think of anything that hasn’t turned to complete chaos and destruction. It’s actually difficult to fathom. I mean everything has gone down the flusher.
“Please God carry this nation as you had carried me for so many years until my surrender...Thank you Jesus.”
Amen!
This is sorta how I envisioned the way to fight in the on coming Civil War. Get as many Credit Cards as possible and buy long term necessities with them At the same time using cash to to buy gold. Then stop making your payments. Then watch the Woke system scream.
While credit card companies are billion dollar concerns, they is no way for them to cover cardholders debt, so they must issue bonds to raise money to do so.
And this is their big vulnerability. If investors do not buy up their bond issue, the credit card companies are in trouble. A single issue failure is not critical, and has happened several times before, but if three issues in a row fail, the credit card company is in danger of failing.
After the first or second issue failure, the credit card company will *cancel* cards that are unprofitable to them.
These are not just unused cards, but cards that are paid off every month. And cancellation are not individual, but are done in blocks of cards. And the companies do not share what cardholders are in which blocks.
So if there is an economic downturn strong enough to cause the credit card companies bond issues to fail, you might be unable to purchase on credit anymore, with little or no warning.
Such a downturn might include a banking collapse. So then what would you do?
Not to worry, vrbo is doing great business here. It used to be summer vacation began at the end of the school year but this year it began a month ago. The average night’s stay around here is $1000 and tack on cleaning fees, pet fees, boat rentals, etc.
Just charge it! The government will take care of these fools when they have no money for food.
With the merger of corporatists, fascists and the deep-staters, you can expect debtor's prisons to come back into vogue.
Use the cash I have stashed away. And then, if necessary, begin using the junk silver I have. Then the gold. Then go to barter. I'm just one person with no debts or bills.
I have a store charge 2% at the register today for using a credit card. This was a first. Yeah, we all know it’s usually a hidden fee. Ticked me off they didn’t tell me this when I called and they knew I was coming in for a part.
If you don’t use your cards, the card company will cancel your account so you need to use the occasionally and keep them paid off. A catch 22.
I suggest a rapid development of a local ‘scrip’ system.
https://en.wikipedia.org/wiki/Scrip
It first came about in a big way during the Great Depression, and made life a lot easier for those who were part of the system. Think of it as “barter plus”.
It is legal.
You need a person of trust who acts as an issuing authority, and some way to assure authenticity of the scrip, like a data matrix bar code.
https://en.wikipedia.org/wiki/Data_Matrix
The more businesses and people using the scrip, the stronger it is. It can also be used in tandem with coin and currency.
I put everything on my credit card from my car insurance, cell phone, Xfinity bill, grocery store; even a $.59 soda at Costco.
I also pay it off every month; not just the statement balance, but the entire balance.
I’ll get $100 in cash once in a while, and it will last me at least 3 months.
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